As we enter 2011, a coin being worth millions of dollars is not too much of an anomaly. This was the case in 1910 though, as even pennies possessed buying power.
Peter Mougey, a grocer by trade and an avid numismatist at heart, passed away at the age of 62. Prior to his death, Mougey took a trip from New York City to Philadelphia to purchase a coin, which at the time, was the best specimen of the variety. The coin was a 1793 “Liberty Cap” and was described as being “clear red” and “perfectly centered.”
During an auction of Mr. Mougey’s collection, numismatist, Henry Chapman, purchased the cent for $340. According to dealers at the time, this was the most ever paid for a cent. $275 was the previous record paid for a cent.
Ever since he was a boy, Mougey was an avid coin collector. He became specialized in American coins and he spent his free time behind the grocery counter searching for rare and unusual coins. At the time of his death, Mr. Mougey was said to have the most finely preserved collection of its kind.
Mr. Mougey’s collection was auctioned off to benefit his two sons and composed of three hundred and twenty-five cents and half cents. The face value of the collection was only $3.25 yet brought more than $4,000.
Other pieces from the auction included an 1800 one-cent piece with a “9” over “1” variety, which sold for $86. And an 1807 and 1808 cent brought $76 and $61 respectively
NY Times: September 2, 1910
No comments:
Post a Comment